Calculate the mean of the sample (ii) Calculate the standard deviation of this sample (iii) Calculate the median of this sample
Consider the following sample with 20 observations:
1
1
5
7
9
11
11
14
14
19
20
21
23
28
28
31
39
41
43
47
(i) Calculate the mean of the sample
(ii) Calculate the standard deviation of this sample
(iii) Calculate the
(iv) Calculate the
B. A sample data has a distribution that has a single
(i) State the largest of these three location measures.
(ii) Suggest, with a reason, which would be the best measure of location.
C. An insurance company has a portfolio of 10,000 policies. Based on past data, the company estimates that the probability of a claim on any policy in a year is 0.003. It assumes no policy will generate more that one claim in a year.
(i) Determine the approximate probability of more than 40 claims from the portfolio of 10,000 policies in a year.
(ii) Determine an approximate equal tailed interval into which the number of claims per year will fall with the probability 0.95.
In practice 42 claims were received in a particular year. A director of the company complains about the range of estimates in part (ii) being wrong.
(i) Comment on the director’s complaint.
It is given that
The sample with 20 observations is
1, 1, 5, 7, 9, 11, 11, 14, 14, 19, 20, 21, 23, 28, 28, 31, 39, 41, 43, 47.
Note: According to Bartleby expert guidelines, we can answer only first question with their three subparts and rest can be reposted.
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